CoreCare Systems Completes $13 Million Financing.WAYNE, Pa.--(BUSINESS WIRE)--March 10, 1998--CoreCare Systems Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CRCS CRCS Canadian Red Cross Society CRCS Clinical Record Cover Sheet CRCS Coalition to Reduce Class Size CRCS Coordinator of Reserve Component Support CRCS Centralized Routing and Centralized Scheduling ), which operates the Kirkbride Center in Philadelphia, has completed a $13 million financing through WRH WRH Western Region Headquarters (NOAA) WRH What Really Happened? (website) WRH Wildlife Removal Handbook WRH Write Read Head Mortgage Inc. an affiliate of the investment banking firm of William R. Hough William R. Hough is a prominent investment banker and is known for being the most generous benefactor of the University of Florida. Hough received his Masters of Business Administration from the University of Florida in 1948. Hough is the founder of William R. & Co., it was announced today by Thomas T. Fleming, chairman. Fleming said, "This is just the first step in a total corporate financing program that will facilitate further expansion of the Kirkbride Center." The company has completed a $13 million financing of which $11 million was initially drawn down. CoreCare applied $7.4 million of loan proceeds to repay an interim loan used to acquire the Kirkbride property from the Institute of Pennsylvania Hospital. An additional $2 million of proceeds was used for the elimination of short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. used for tenant renovations at the Kirkbride Center. The remainder of the loan will be available for future construction and development needs up to $13 million. CoreCare purchased the 27-acre Kirkbride property from the Institute of Pennsylvania Hospital in February 1997. The property was recently re-appraised at $22.6 million. CoreCare operates a 120-bed psychiatric hospital psychiatric hospital n. A hospital for the care and treatment of patients affected with acute or chronic mental illness. Also called mental hospital. and related step-down beds and outpatient services outpatient services Hospital-based services Managed care Medical and other services provided, to a nonadmitted Pt, by a hospital or other qualified facility–eg, mental health clinic, rural health clinic, mobile X-ray unit, free-standing dialysis unit Examples in the property's main building. The company is developing remaining portions of the property into a medical campus which, when complete, is expected to generate in excess of $30 million per year in hospital and lease revenues. "The Hough n. 1. Same as Hock, a joint. v. t. 1. Same as Hock, to hamstring. [ imp. & p. p. os> r>; p. pr. & vb. n. os> n. 1. An adz; a hoe. v. t. 1. To cut with a hoe. Companies are pleased to serve as financial advisors to CoreCare Systems Inc. CoreCare has an exciting future and we believe we can assist CoreCare in positioning the company for maximizing shareholder return," said Fred Razook Jr., executive vice president of WRH Mortgage Inc. The Hough Companies will provide investment banking and financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to CoreCare. The company expects ultimately to negotiate a revised capital structure financing package exceeding the $13 million loan. William R. Hough & Co., based in St. Petersburg, Fla., provides complete underwriting and financial advisory services in the areas of Public Finance, Municipal Underwriting and Trading, Equity Trading, Taxable Fixed Income Tradings, and Institutional and Retail Sales. WRH Mortgage Inc., also based in St. Petersburg, is a commercial mortgage company specializing in corporate long term debt. CoreCare Systems is a regional behavioral healthcare delivery network providing vertically integrated treatment services in eastern Pennsylvania. The company is the region's newest Behavioral Heathcare Delivery Network. -0- The press release contains certain forward-looking statements and projections, including statements including plans and objectives of management for future operations and services and statements concerning expectations that are based on management belief as well as assumptions made by and information currently available to management. The company's actual results may differ materially from the plans envisioned, or results projected by those statements, if the company's assumptions prove to be incorrect or incorrect for a variety of reasons. CONTACT: CoreCare Systems Inc., Wayne Thomas T. Fleming, 215/471-2002 |
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